Precious Metals Forum

Go Back   Precious Metals Forum > Precious Metals and Economic News > Fiat Ponzi

Like Tree33Likes

Reply
 
LinkBack Thread Tools
Old 05-06-2019, 06:59 AM   #101
Golden Cockroach
 
PMBug's Avatar
 
Join Date: Oct 2011
Location: In Scrooge McDuck's vault
Posts: 7,017
Liked: 2444 times
Quote :
Sweden, nation that pioneered living without cash, warns: Hoard your banknotes

As Britain edges towards a cashless future, Sweden has urged its citizens to stockpile change in case of power cuts, a cyber-attack or war
...
https://www.thetimes.co.uk/edition/m...otes-6f72jqbf3
__________________
The journey of a thousand miles begins with a single step. - Lao Tzu

Important stuff: PMBug 101 * Forum Guidelines * Support PMBug
PMBug is offline   Reply With Quote
Old 05-06-2019, 08:15 AM   #102
Yellow Jacket
 
ancona's Avatar
 
Join Date: Nov 2011
Location: Waaay south
Posts: 3,370
Liked: 2046 times
Cashless does nothing but disenfranchise the poor and unbanked. It is Orwellian in the extreme and will never be fully acceptable.
PMBug and rblong2us like this.
__________________
All things being equal, the simplest answer is quite often the correct answer - Occam
ancona is offline   Reply With Quote
Old 05-07-2019, 09:22 AM   #103
Golden Cockroach
 
PMBug's Avatar
 
Join Date: Oct 2011
Location: In Scrooge McDuck's vault
Posts: 7,017
Liked: 2444 times
Quote :
Australia's Liberal Party government has announced that it will soon be illegal to purchase anything over $10,000 with cash. The government says it's "encouraging the transition to a digital society" and cracking down on tax evasion. But not everyone is happy with the move.
...
The ban starts on 1 July 2019 and any payment over $10,000 will have to be made by check or credit/debit card. The government will enforce the measure by allocating roughly $300 million for what it calls the Black Economy Standing Taskforce. ...
...
Australians have a strange relationship with cash - strange in the sense that they still use it. Roughly 37 per cent of all commercial transactions in Australia are made using cash. That number is just 32 per cent in the US and 15 per cent in Sweden. Many Swedes are angry about its slow move to a cashless society, arguing that going completely digital causes security concerns. And India began phasing out a whopping 86 per cent of its currency in November of 2016 by invalidating ₹500 and ₹1000 notes as legal tender.
...
Today it's any sum over $10,000 in Australia, but anyone with their eyes open can see where this is going. ...
https://www.gizmodo.com.au/2018/05/a...-july-of-2019/
__________________
The journey of a thousand miles begins with a single step. - Lao Tzu

Important stuff: PMBug 101 * Forum Guidelines * Support PMBug
PMBug is offline   Reply With Quote
Old 05-08-2019, 05:57 AM   #104
Golden Cockroach
 
PMBug's Avatar
 
Join Date: Oct 2011
Location: In Scrooge McDuck's vault
Posts: 7,017
Liked: 2444 times
Quote :
San Francisco officials voted Tuesday to require brick-and-mortar retailers to take cash as payment, joining Philadelphia and New Jersey in banning a growing paperless practice that critics say discriminates against low-income people who may not have access to credit cards.
...
More: https://apnews.com/e4e95476e4e74756b3973ed23fa3b00e
__________________
The journey of a thousand miles begins with a single step. - Lao Tzu

Important stuff: PMBug 101 * Forum Guidelines * Support PMBug
PMBug is offline   Reply With Quote
Old 05-10-2019, 10:37 PM   #105
Golden Cockroach
 
PMBug's Avatar
 
Join Date: Oct 2011
Location: In Scrooge McDuck's vault
Posts: 7,017
Liked: 2444 times
Quote :
...
The IMF has noted that central bankers typically cut interest rates by 5% to 6% during recessions. However, with interest rates in many countries close to zero, this does not give them enough room to cut as it has been considered difficult to cut rates below zero because people could just withdraw physical cash from the bank to avoid having to pay to keep their money in digital form.

The IMF, maybe taking inspiration from its namesake the Impossible Mission Force (cue Tom Cruise), has recently provided a handy guide for its 189 member countries on how to enable deep negative rates (emphasis, deep), saying that zero need not be a bound(ry). What is noteworthy about the release of this document is that it indicates that in central bank circles, negative rates has moved from a “should we do it” discussion to “how do we do it”.

While the idea of paying to hold money, or even paying people to borrow money, may seem absurd, the IMF sees deep negative rates as “critical for central banks to maintain effectiveness of monetary policy in the future and will help mitigate the hardships associated with prolonged recessions”. At least they are explicit that lower interest rates “work” because they favour borrowers at the expense of lenders (i.e. savers) as borrowers are more likely to spend any reduction in their loan repayments. Seems like a one-sided hardship mitigation.

In additional to setting a lower exchange rate between paper and digital currency (e.g. when depositing $100 cash in a bank, you only get $98 credit to your account), which is the IMF’s preferred approach, they discuss other methods of enforcing negative interest rates including:
  • Cash withdrawal limits or limits on cash deposits
  • Purposely keeping low inventory of cash in bank branches
  • Banning storage of paper currency as a business
  • Putting restrictions on flows of paper currency in and out of the country
  • Retiring large denomination notes
  • Abolishing paper currency outright

If you think this all sounds unlikely, governments have shown a willingness to consider similar measures. The Federal Government is still pushing forward with its $10,000 cash payment limit to commence on 1 January 2020 (delayed from 1 July 2019). ...
More: https://www.abcbullion.com.au/invest...-wars-escalate
__________________
The journey of a thousand miles begins with a single step. - Lao Tzu

Important stuff: PMBug 101 * Forum Guidelines * Support PMBug
PMBug is offline   Reply With Quote
Old 05-13-2019, 03:32 AM   #106
Yellow Jacket
 
rblong2us's Avatar
 
Join Date: Nov 2011
Location: off world
Posts: 1,966
Liked: 871 times
Great ideas

Could convince a lot more folk to find alternative means of exchange (-:
__________________
if it cant be done with a digger .... it cant be done
rblong2us is offline   Reply With Quote
Old 08-08-2019, 09:49 AM   #107
Golden Cockroach
 
PMBug's Avatar
 
Join Date: Oct 2011
Location: In Scrooge McDuck's vault
Posts: 7,017
Liked: 2444 times
The Economist published a real turd of an article:

Quote :
...
In the main the prospect of a cashless economy is excellent news. ...
https://www.economist.com/leaders/20...ashless-future
__________________
The journey of a thousand miles begins with a single step. - Lao Tzu

Important stuff: PMBug 101 * Forum Guidelines * Support PMBug
PMBug is offline   Reply With Quote
Old 08-08-2019, 10:23 AM   #108
Golden Cockroach
 
PMBug's Avatar
 
Join Date: Oct 2011
Location: In Scrooge McDuck's vault
Posts: 7,017
Liked: 2444 times
Quote :
...
In the 2018-19 Budget, the Government announced it would introduce an economy-wide cash payment limit of $10,000 for payments made or accepted by businesses for goods and services. Transactions equal to, or in excess of this amount would need to be made using the electronic payment system or by cheque. The Black Economy Taskforce recommended this action to tackle tax evasion and other criminal activities.

The Government has today released for public consultation exposure draft legislation and accompanying explanatory material to implement the economy-wide cash payment limit from 1 January 2020 and for certain AUSTRAC reporting entities from 1 January 2021.

Submissions to the consultation are open until Monday 12 August 2019.
...
https://treasury.gov.au/consultation/c2019-t395788
__________________
The journey of a thousand miles begins with a single step. - Lao Tzu

Important stuff: PMBug 101 * Forum Guidelines * Support PMBug
PMBug is offline   Reply With Quote
Old 08-09-2019, 09:50 AM   #109
Golden Cockroach
 
PMBug's Avatar
 
Join Date: Oct 2011
Location: In Scrooge McDuck's vault
Posts: 7,017
Liked: 2444 times
Watching through the video posted in the NIRP thread ( https://www.pmbug.com/forum/f13/nega...html#post34179 ), they referenced an empirical study of cash restrictions. I looked it up and found it:

Quote :
... The conclusion of this paper is that cash has a minor influence on the shadow economy, crime and terrorism, but potentially a major influence on civil liberties. ...
https://www.econstor.eu/bitstream/10.../Schneider.pdf

The author, Friedrich Schneider has participated in many studies and research papers published for the IMF and such. The St. Louis Fed has a convenient index to his work here:

https://ideas.repec.org/e/psc166.html
__________________
The journey of a thousand miles begins with a single step. - Lao Tzu

Important stuff: PMBug 101 * Forum Guidelines * Support PMBug
PMBug is offline   Reply With Quote
Reply

Thread Tools

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are On
Pingbacks are On
Refbacks are On


Similar Threads
Thread Thread Starter Forum Replies Last Post
Cashless society / Media Control benjamen Fiat Ponzi 13 01-29-2016 07:25 AM
The madness of a lost society 3 Jay STS 0 11-27-2012 11:32 AM
Eat sh*t, cashless society mike Fiat Ponzi 18 05-11-2012 05:37 PM


All times are GMT -5. The time now is 07:28 AM.


Powered by vBulletin® from Jelsoft Enterprises Ltd.
Content Relevant URLs by vBSEO 3.6.0 PL2 ©2011, Crawlability, Inc.
Content of PMBug.com copyright © 2011 - 2019 Measuring Up. All Rights Reserved.